Buyer claiming property for self-use charged by ICAC over $7.8m mortgage loan fraud
The ICAC today (August 1) charged a property buyer for allegedly deceiving a bank and the HKMC Insurance Limited (HKMCI) into granting a mortgage loan with a loan-to-value (LTV) ratio of 80 per cent, amounting to about $7.8 million, by making false representations that a flat was purchased for self-use.